Shares of natural resource exploration company Snow Lake Resources Ltd. (LITM) are up more than 35% Friday morning after the company announced a deal to supply lithium hydroxide to LG Energy Solution.
The companies have signed a Memorandum of Understanding (MOU) to establish domestic lithium supply chain for the North American electric vehicle market.
Under the terms of the MOU, Snow Lake will supply lithium to LGES for a period of 10 years, once production starts in its lithium hydroxide processing plant in Manitoba, Canada.
"Our all-electric lithium mine in Snow Lake Manitoba will power 5 million electric vehicles over the next 10 years, helping to secure the future of the North American automobile market," said Philip Gross, CEO Snow Lake Lithium.
LITM is at $3.10 currently. It has traded in the range of $2.12-$18.42 in the last 1 year.
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